Dubai-based Majid al-Futtaim (MAF) has launched a $509m mall project in Egypt.

The Almaza City Centre is set to be developed in Cairo’s eastern suburb of Heliopolis with the UAE firm looking to complete the project by 2019, according to a statement from Egypt’s Ministry of Investment.

The $509m project is set to be financed with approximately $102m of MAF equity and the remainder raised through debt, according to a source close to the project.

The mall, which is set to open by the first quarter of 2019, will feature 103,455 square metres of retail space.